A Basic Guide to Contemporary Islamic Banking and Finance
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A Basic Guide to Contemporary Islamic Banking and Finance

Mahmoud Amin El Gamal
Rice University
June 2000

Contents

bulletPreface
bulletWhy "Islamic Finance"?
 
bulletProhibitions of Riba and Gharar
bulletThe prohibition of Riba
bulletDebt re-sale
bulletThe Prohibition of Gharar
bulletObeying the Law
 
bulletPermissible Financing Methods
bulletCost plus sales (murabaha)
bullet Credit sales (bad` ba thaman 'ajil)
bulletLeasing ('ijarah, or 'ijar)
bullet Partnerships (musharaka and mudaraba)
bullet Islamic forwards (salam and 'istisna`)
 
bulletPermissible Investment Vehicles
bulletInvesting in equities
bullet"Fixed income" funds
 
bulletPermissible Insurance Alternatives
bullet Prohibition of financial insurance
bulletCooperative insurance
 
bulletAnswers to Commonly Asked Questions
bulletTrading in stocks
bulletInterest on bank deposits
bulletLending
bulletWhat is the different
 
bulletBibliography

©2000 by Mahmoud El Gamal, All rights reserved. The author is Professor of Economics and Statistics, and holder of the Chair in Islamic Economics, Finance and Management, at Rice University, Houston, TX 77005. elgamal@rice.edu / http://www.ruf.rice.edu/~elgamal

 
 

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